The S&P 500’s Tight Trading Range

If there were nominations for a theme song to describe how the S&P 500 index has traded this year, I would suggest “Road to Nowhere” by The Talking Heads. Since early February, the large-cap index has not moved very much. Has it fluctuated on a day-to-day basis? Absolutely. But when one takes a step back, the relative lack of overall price movement becomes more obvious.